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Title 



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18—47372-1 



I^Sl^'^IEir 






JOINT SELECT COMMITTEE, 



ON Tn» 



Official mismanagement 



<DP THE 



SUPERINTENDENT OF PUBLIC INSTRUCTION. 



MADE JANUARY T, 1840, 



NASHVILLE, 

I. OEO. BASRIS, PUBLIC PaiNTKl 

i840s 



^^c5 3 6 b ^ 









1 



REPORT. 



The Joint Select Committee who were appointed under a 
Joint Resolution of the General Assembly of the 18th ult. to en- 
quire: 

1st. Whether the Superintendent of Public Instruction em- 
ployed any part of the Common School Fund in speculating in 
Treasury notes, and notes and bills of the United States Bank of 
Pennsylvania? if so, what amount, and the profits made thereon, 
and whether he has accounted for said profits? 

2d. The amount of the School Fund he has used in his private 
mercantile speculations? 

3d. Whether he has not received and collected monies due the 
School Fund for which he has not accounted? 

4th. Whether he has not, without authority of law, expended 
the School monies for various purposes? 

5th. What steps he has taken to collect the, debts due the 
School Fund, if any? 

6th. How, at what time, and under what circumstances the 
several debts reported by the Superintendent to be due from in- 
dividuals, and by him said to have arisen by the lending of the 
Common School monies, were originally contracted? how often 
the same has been renewed? and what rate per centum, if any, 
was originally discounted? 

7th. How much of the Internal Improvement Funds he has 
received, which was considered School Funds, and from what 
county? 

8th. And what disposition has been made of the Academy 
Fund under the act passed the 25th January, 1838? 

They beg leave repectfuUy to Report: — 

First. With regard to the speculations of the Superinten- 
dent, by the purchase of Treasury notes, &;c., with the School 
Fund. He answers the Committee on this subject as follows: 
"On one occasion (1 believe in the year 1838,) I sent by an agent 
to Calhoun between twenty and thirty thousand dollars of the 
School Fund, consisting of current and uncurrent bank notes, to 
be converted into bankable rrioney." He goes on in his answer 
to give his reasons for this proceeding. He says: "If I received 



five hundred dollars in Tennessee and Alabama notes, i converted 
the whole into Treasury notes, or United Slates Bank notes, or 
eastern funds, of course giving a premium for the good funds 
thus obtained, these were again sold lor Tennessee money, 
which was credited to the Fund, so that on all occasions the 
money received by me, whether good or bad, was charged to me, 
and credited to the Fund, as so many dollars, and then convert- 
ed, in the manner above stated, into monies which were banka- 
ble." He adds: " Whenever I could effect a transaction of this kind, 
I did it either here or elsewherey The Calhoun expedition did 
pot succeed well. He tent to New Orleans in 1837 and '38 some 
thirty thousand dollars in Alabama and Mississippi money, to be 
converted into good m.oney, but his attempt did not prove suc- 
cessful, and he informs us that he bore the loss himself. Your 
Committee called before them Samuel E. Gilleland, who testifies 
touching the adventure at Calhoun; he says: "Col. M'Ewen en- 
trusted to my charge, (in the spnng of 1838,) at my suggestion, 
twenty or twenty-five thousand dollars in notes of the Georgia, 
Alabama and Tennessee banks;" that he did not succeed in ma- 
king an exchange, and returned the money to Col. M'Ewen. 
The Superintendent having stated that he made these exchanges 
merely to dispose of depieciated money, your Committee were 
induced to examine Mr. Van Wyck, an exchange broker of in- 
telligence, as to the value of Georgia, Alabama -and Tennessee 
bank notes in the spring of 1838. He says, "Alabam.a money 
was at par for Tennessee money in the spring of 1 838, and large 
notes at a premium of from one to two per cent, over Tennessee 
until the middle of May." He further states that "Georgia mo- 
jiey commanded as high as three per cent, premium over Ten- 
nessee money in the spring of 1838, but only in a few instances. 
Smdl notes were generally bought at a discount; at any rate, no 
premium was allowed for such." He states further, "I think a 
considerable lot of Georgia and Alabama money could have 
been passed at par, in the spring of 1838, for Planters Bank 
notes or other Tennessee money." If the statement of Mr. Van 
, Wyck be true, (and the Committee have every confidence in it,) 
the conclusion is, that there was no necessity whatever, even if 
it had been lawful, for the Superintendent to send to Calhoun in 
^he spring of 1838 some twenty or twenty-five thousand dollars 
of the School Fund, to have the same exchanged for bankable 
funds. 

Your Committee are at a loss, and have been, from the com- 
mencement of this and a preceding investigation, to know from 
whom the Superintendent obtained all the unbankable money of 
which he speaks. There was and is no law authorising him or 
his agents to receive it They have examined the agents of 
C^ampbell, Hickman, Robert-.ori and Jackson counties, who hapv 



p>ened to be here, to know what kind of money they received, 
and what kind they were instructed to receive. They state, 
generally, that they were instructed to receive Tennessee money, 
or money at par with Tennessee money; that they did receive 
such, except in some few instances the change tickets payable 
about Nashville were taken and paid over. Your Committee 
have not been able to ascertain from the Superintendent from 
whom he received this su})posed bad money, when he received it, 
or in what quantity. The only information he gives us upon this 
subject is as follows: "Having received, as I was obliged to do, 
from those who had the custody of the Common School monies 
before my appointment, a large amount of uncurrent bank notes 
of every kind, current in the particular district of country from 
which I received it, it became a very important part of my offi- 
cial duty, as must be obvious to every human being on earth, to 
convert that money into funds which could be employed in the 
manner designed by the legislature. With that view, I made 
an arrangement with the firm of M'Ewen, Kini': & Co., whereby 
I engaged to redeem their circulation, on their agreeing to au- 
thorise me to draw upon their house in New Orleans, a house at 
the time of the arrangement in as good credit as any other in the 
country lor the amount which I might redeem. My drafts were 
to be paid in New Orleans funds, which were then, as they have 
generally since continued to be, above the par of Tennessee mo- 
ney. This arrangement taile i, as did many otiier arrangements 
made by banks and individuals at that period." 

In reply to this extraordinary statement of the Superintendent, 
the Committee know of no law which obliges him to receive un- 
current money from any person whatever, nor do they know of any 
law which even justifies him in so doing; nor can they see how 
any money could be worse than the notes of M'Ewen, King & 
Co., which he undertook to redeem in Nashville. Your commit- 
tee have reason to believe, that the Holly Spring Bank was in- 
solvent when established, and has always been so. It never was 
ingoDd credit in this country, and it was a gross dereliction of 
duty in the Supeiintendent, as such, to have any thing to do with 
the notes of that establishment. The Committee have examined 
Messrs. Holson and Nichol relative to the credit of ihe house of 
M'Ewen, King & Co., and from their testimony, the credit of the 
house, if ever it had any, was extremely Hmited. 

The foregoing embraces the substance of the information ob- 
tained by your Committee, touching this part of the .enquiry. 

Second. The amount of the School Fund used by the Super- 
intendent in his mercantile speculations; the debt due from Wm. 
B. Robinson & Co., is one item (as was explained in a former re- 
port.) 

The Superintendent holds too obligations on John Scott, 



m- 6 

'■' "\^- 

wli^ch'riilay be seen in a former report. The Committee have ex- 
aapned Mr. M'Ewen concerning the interest in the store carried 
on in the name of John Scott; to the enquiry, he makes the fol- 
lowing answer, in which it is doubtful, which claims the greatest 
share in bis affections, the welfare of the School Fund or Mr. 
Scotl. "In the month of May 1834, 1 advanced to John Scott 
in whose business and abilities I had confidence, several thous^hd 
dollars in cash, to be used without paying interest in trade, in his 
ownname, and the profits thence arising to be divided between 
us, but I have never been concerned in any way in the manage- 
ment of his business, nor do I know whether it has been profita- 
ble or not. The money advanced to him as Superintendent con- 
sists of two sums, one of them, including interest, amounts to ten 
thousand dollars. The principal of this sum was invested by him 
in the purchase of the house in which his business is conducted. 
The title was made to him, he executed a mortgage thereof, da- 
ted 1st July 1839, tome as Superintendent and my successors in 
office, which has been duly acknowledged and registered — Scott 
now pays me as Superintendent $S00 a year for the house, equiv- 
alent to nine per cent, interest on the money invested therein, 
and with which rate I have charged myself in my account; be^ 
sides this, Mr. Scott pays the taxes, amounting to near $100 and 
keeps it constantly insured. This investment is I think at least 
as secure and productive as the stc ck of any existing bank. The 
remaining sum of $7,000 was advanced to Mr. Scott (a great 
part of it in uncurrent money received by me, which was not 
bankable at Nashville, from county agents and others previously 
having the custody of the School Fund,) upon his own note, en-, 
dorsedby me individually, and for which I am individually res- 
ponsible. The money has been used, I suppose, in the payment 
of his current debts — his note for this sum was not given to me 
since I ceased to have an interest in his- business, but before that 
period. The sum of $7,000 was not advanced to Mr. Scott in 
a single sum, but in many small sums, principally in uncurrent 
money, or such as was no*t bankable at I\ashville, and it was done 
with the doable purpose of accommodating him and the conver- 
ting the money into sound or bankable funds; in effecting this 
purpose he has been of great use to me, and in fact, the object 
could not have been attained without the aid of some one en- 
gaged in business by whom the money could be exchanged or 
otherwise employed. He has from time to time exchanged for 
me as Superintendent, of uncurrent into current funds, a large 
amount, and so far from taking blame to myself for employing his 
agency in this business, I have always supposed that it was de- 
cidedly advantageous to the State. In making these exchanges,- 
I have several times employed agents, and on, one occasion Mr. 
Scott was employed to go to New Orleans and Mobile, which ia 



both instances was done at my own expense and without any 
charge to the public." 

From the foregoing no one can doubt that the money advan- 
ced to Mr. Scott was directly or indirectly invested in a mercan- 
tile speculation. The School monies lent to M'Ewen, White- 
man & Co., were stated and referred to in a former report. Ad-' 
ding these several sums together, we find, that the Superinten- 
dent has directly and indirectly invested in mercantile specula- 
tions, including interest up to the 8th October last, the sum of 
forty- three thousand seven hundred and eighteen dollars — to wit: 

To John .^cott, 16,638 50 

" M'Ewen, Whiteman & Co. 14,600 00 

" Wm. B. Robinson & Co. 12,479 50 



$43,718 00 

If he has employed any more of the School Fund, in mercan- 
tile speculations than above stated, youi Committee have no evi- 
dence of that fact. 

From the testimony of Gen. Clements, it appears that since his 
appointment to the office of Superintendent, he was engaged in 
the purchase of lands in Mississippi, in Arkansas and in Texas. 
R. H. M'Ewen, Jesse B. Clements and two other persons were 
partners in the Mississippi speculation. ^ Gen. Clements being the 
active partner. Col. M'Ewen and one of the other partners gave 
him a letter of credit to draw upon them jointly to the amount 
of $20,000. The amount of lands owned by said firm was one 
eighth of eighty sections, which belonged to the Pontotoc and 
Holly Springs Land Company. The extent of his interest in the 
Arkansas lands is unknown. R. H. M'Ewen is a member and 
the President of the Texas Land Company; the extent of his in- 
terest in that company is also unknown. Whether he employed 
the public money in the purchase of these lands or whether he 
used his own private funds, your Committee are not advised. 

Third. The monies which the Superintendent has collected 
and received and for which he did not account to the Joint Select 
Committee, appointed under a resolution of the 16th November 
last, are as follows; 

The interest on the Common School Fund of Da- 
vidson, Rutherford and Bedford counties, invested in 
Turnpike Stock, 3,000 00' 

Interest on same from 8th April 1837, the day he 
received it to 18th Nov. 1839, 459 00 

To Internal Improvement Fund of Hickman coun- 
ty, improperly paid to Superintendent as Common 
School Fund, in March 1836, 1,509 40 

Do. Do. of Stewart county, do. 1,200 42 

leaking the sum of f6,l68 83 



With regard to the first item, the Superintendent states, that 
"he has had the same lent out" and therefore is chargeable with 
interest. The last two items, he says, "he has not lent out but 
has had the same always on hand;" in addition to this sum, there 
is a balance of Academy money in his hands, as shown by his 
report to the Legislature in 1836, and by his answers on that sub- 
ject of $5,283 67 

To which add the balance as above 6,168 82 

Also the balance reported by the Committe raised 
under a joint resolution of the 16th Nov. last, 121,169 05 

To which if we add the amount of Alabama and 
Georgia money in his hands on the 18th Nov. last, 1,560 00 

$134,181 54 

We find that there was on the 18th November last, or ought 
to have been in the hands of the Superintendent the sum of one 
hundred and thirty-four thousand one hundred and eighty-cne 
dollars and fifty-four cents. 

By the act of December 17, 1831, the School Funds of David- 
son, Rutherford and Bedford counties were directed to be invest 
ted in the Nashville, Murfreesborough and Shelbyville Turnpike 
Road. The funds consisted at that time of notes on various in- 
dividuals. They were accordingly transferred and collected by 
the company as follows: 

Davidson county, 11,885 44 

Rutherford do. 12,878 62 

Bedford do. 12,770 33 

To accumulated interest of Rutherford county 
made principal, 1,775 16 

Do. Davidson do. 1,638 20 



$40,947 75 
Deduct insolvent claims for Rutherford co. 419 31 
Do. do. Bedford do. 180 00 599 31 



Amount actu?lly received by said company, $40,348 44 

There is now due from the company to the School Fund some 
twelve thousand dollars of interest. — Bedford has received the, 
interest on her fund up to 13th June, 1836. The other counties 
have not received any interest since the investment of their fund. 
They are certainly entitled- to whatever may have accrued on 
their funds up to the 19th February, 1836, when the act which 
transferred their funds into the general account was passed. 
The interest due to Rutherford county up to the 19th February, 
182% is ' 3,671 70 

Do. Davidson Do, 3,672 56 



- Brought over, 7,344 26 

And the following sum!«i, to wit: 

To Carter county accunialated interest, 400 00 

" Dickson do. 1,285 00 

" Stewart " Internal Improvement ]Fand, 1,200 42 

" Hickman " do. 1,509 40 



$11,739 08 

are justly due those counties, and as they were placed in the 
hands of* the Superintendent by mistake or the neglect of those 
counties, — a resolution directing them to be paid over to the 
proper persons, will, in the estimation of your Committee, be 
sufficient. 

Fourth. The next enquiry is, whether he has not without 
authority of law expended the school monies for various pur- 
poses? 

The act of 1836, chap. 23, sec. 15, provides "that all monies 
reasonably expended, incurred by the Superintendent in the ex- 
ecution of his duties shall, upon due proof, be allowed to him by 
the Comptroller and be paid out of the Treasury." Your Com- 
mittee have enquired of the Comptroller whether he has ever 
made any allowance to the Superintendent for his reasonable 
expenses, and he informs us "that he has not." 

The Superintendent has exhibited to us his expense account 
to 18th November last, amounting to $20,853 62, which is 
$137 93 more than the expense account exhibited by him to 
your Committee on a former examination. With regard to this 
expense account, the Superintendent has acted improperly in two 
respects; 1st, he has not had the same allowed by the Comp- 
troller and paid out of the Treasury, which is a positive require- 
ment of the law. — 2d. He has expended the School monies for 
purposes wholly unauthorised by the duties of his office. He 
had a right with the concurrence of the Board of Common School 
Commissioners to incur expenses in settling up the accounts and 
redemption of the notes of the old Bank,^ in postage, in printing 
for distribution, a reasonable number of instructions to County 
School Commissioners, and others, the purchase of books and sta- 
tionary, salaries of agents, lawyers and clerks fees; but for clerk 
hire and office rent, neither the Comptroller, or the Legislature 
should make him any allowance whatever. The Superintendent 
has exhibited to us, among other items of his expense account, 
the following: 

Cash paid John Scott for office rent and fuel 2 years $250 00 
Do. do. do. do. 1 do. 125 00 



$375 00 
This money has been paid out of the School Fund '' i the occa^ 

2 



10 

sional use of the counting room of the store of Mr. Scott, which 
store the Superintendent says was purchased with the School 
money. If these items could be allowed, the Superintendent 
mip-ht with the same propriety charge the School Fund with bed 
and board. 
His account for clerk hire is as follows: 

"Statement of clerks with the amount paid each by the Su- 
perintendent, to wit:" 
John Scott, $100 00 

Wm. Erwin, 50 00 

Nathaniel Cross, 75 00 

John M'Ewen, 14 06 

John Erwin, 20 00 

$259 06 
There is no law for this expenditure; neither the Comptroller 
or Treasurer asks for any such allowance. In his expense ac- 
count there are these small but extraordinary items "cash paid 
Commissioners of Rutherford county for settlement with clerk 
live dollars; also cash paid for copy ofCaruthers and Nicholson's 
reports (per office) five dollars." These and similar items ought 
not'to be allowed. Your Committee are of opinion that the sal- 
ary of agents provided for by the 23d chap, of the act of 1836, 
and reasonable attorney's fees ought to be allo-wed and paid out 
of the School Fund, but his other expenses are inadmissible un- 
til they are first allowed upon due proof by the Comptroller and 
then should be paid out of the Treasury. 

Fifth. As to the steps taken by the Superintendent to collect 
the debts due the fund from the securities of Joel Parish and the 
old Bank debts, he says, in answer to an enquiry upon that sub- 
ject, "that he has taken no coercive measures against the securi- 
ties of Joel Parrish, but has endeavored without success to collect 
them otherwise;" he further says, "so great a number of the debts 
due the old Bank were disputed or bad, that to have taken steps 
to have collected all of them, would have involved the Fund in 
expenses which would have swallowed up much more than would 
have been collected from those that are good." 

Your Committee are of opinion that the Superintendent is cor- 
rect in the view he has taken of this matter. He has no excuse 
however, for not collecting the money due from the securities of Jo- 
el Parrish, and it is probable that a portion of that money will be 
lost by his neglect. He has placed a large number of the claims 
in the hands of attorneys for collection — he has shown your 
Committee a statement from the books of the old Bank, setting 
forth the names of the debtor thereto, but your Committee have 
very little confidence in the correctness of the books of the old 
Bank, and they believe it would be an unnecessary and useless 



11 

expense to publish the names of those who are supposed to be 
debtors. 

Sixth. The Committee in a report heretofore made, exhibi- 
ted in a table marked E. a statement of the notes and securities 
in the hands of the Superintendent and said by him to belong to 
the School Fund. They have made some enquiries to know 
whether these debts originated in that way or not. The Super- 
intendent informed us "that he had no other notes and securities, 
by him before that time taken for and on account of the School 
Fund, and by him before that time lent and which had been liqui- 
dated'.' By reference to the table E. it will be seen that but two of 
these notes, amounting to about $18,000 were dated anterior to the 
1st of Jan. 1838, yet, he had in his hands for more than twelve 
months previous to that time an average amount of $70,000. 
What use he made of this money, your Committee are wholly 
unable to determine; that he did use it, there can be no doubt. 
The speculation in Mississippi lands in Mdiich he was engaged 
about that time afforded, no doubt, a strong temptation for the in- 
vestment of this balance. The Committee are informed by Gen. 
Clements, "that some $600 of the debt charged to him in table 
E. was due from him to Col. M'Ewen, prior to the date of his 
appointment to the office of Superintendent, and that the dis- 
count upon the bill was fifteen per cent," He further states that 
with regard to the debt due from Dennis & M'Kinney, "that 
about the 20th of February last. Col. M'Ewen in a conversation 
told me that M'Nairy wanted his part of that note, or something 
to the same purport, but did not say which of the M'Nairys it 
was, nor did he say what part or interest M'Nairy owned in said 
note." With regard to the bills drawn by Gen. Clements — he 
says, "I was advised by Col. M'Ewen, that he was of opinion that 
I could have the bill discounted at the Bank of Yeatman, Woods 
& Co., in which however, I failed. Col. M'Ewen then inform- 
ed me, either that he knew of a person or that he had a friend 
(who did not wish his name to be known and whose name I nev- 
er learned) who had money, which he would invest in the pur- 
chase of good paper, but that person wonld not buy the bill un- 
less I would allow a discount in the bill of fifteen per cent." The 
bill was negotiated for him by Col. M'Ewen, and he informs us 
that "some time during the past spring or summer and some four- 
teen months or more after the maturity of said bill of exchange, 
Col. M'Eewen informed me the same belonged to and constitu- 
ted a part of the Common School Fund of this State, which was 
the first intimation I ever had of such being the case, to the best 
of my recollection." Col. M'Ewen also stated to him "that he 
would have to pay him at the rate of nine per cent, on the amount 
of said bill from the time of its maturity until paid," which he 
agreed to do and gave a memorandum to that effect, but since 



12 

he had come to Nasliville, Col. M'Ewen inl'ormed him, that he 
had burnt said memorandum and that he would only charge him 
six per cent, on said bill. 

In relation to the debt of $I4,3SS 85 due from Dennis & M'- 
Kinney, the Committee have examined Mr. Dennis, and, if any 
thing can be made of his testimony in any way, it is, that the 
debt originated in 1832. The amount then owing to Mr. M'- 
Ewen from the firm was $3,994; that, by repeated renewals, in 
the way of bills, cashed at a heavy discount, and by borrowing 
additional sums, it has increased to its present amount. If we 
add fifteen per cent, per annum to the original sum, from 1832 
to the present time — thus. 

Original debt, $3,994 00 

15 per cent, discount for seven years, 4,193 70 



We will find that about $8, 187 70 

of this debt did not grow out of the School Fund. 

There is a debt, in table E of the Report above referred to, 
against S. E. Benson, amounting to $G'47 OG. The Committee 
have examined Mr. Benson and Mr. Hunt about this debt. Mr. 
Benson says that '-it is correctly reported, and is his individual 
debt;" there is, according to the testimony of Mr. Hunt, upon 
the books of Benson, Hunt & Co. the following entry: — "April 
30, 183S; Sundries to Cash — Bills payable — paid our due bill to 
R. H. M'Ewen $5,841 31." Mr. Hunt says that Mr. Benson in- 
formed him "that he had borrowed the money from R. H. M'- 
Ewen, and that it belonged to the Common School Fund." Mr. 
Benson says, "he has since been informed by Col. M'Ewen that 
some portion of the monies borrowed did belong to the School 
Fund, but he did not know the fact at the time the same was 
borrowed." 

From what has been said, it will be perceived that it is utterly 
impossible for your Committee to ascertain with any certainty 
the points in this part of the enquiry. They submit the above 
facts, together with all the evidence they have on this subject, 
which will be found in the journal of their proceedings. 

.Seventh. The Internal Improvement Fund which the Super- 
intendent has received as School Fund has been stated abpve. 

Eighth. The act of 1838, chapter 139, "requires the Super- 
intendent to ascertain the amount of principal of Academy Fund 
^hich each county in the State has received under any distribu- 
tion heretofore made, and that i e apply such Academy Funds as 
he now has or may hereafter receive in the following manner, that 
is, he shall distribute and pay over to in equal sums to such coun- 
jties as have received no portion of the Academy Funds," &c. 

With regard to the duties of the Superintendent under ihis 
|ict, the Committee enquired of him "whether he had received 



13 

any Academy Funds since his report on that subject to the Sen' 
ate on the 2d October, 1837? if so, how much? and how much 
and to what Academies had he paid out monies since?" By his 
report to the Senate, in 1837, he had received — 
From the Cashier of the Nashville Bank, in good notes 

well endorsed, $5,512 50 

He also holds a note on Elijah Embree, well secured, 4,472 88 

In his answer to the above interrogatory, he states that 

he had received since the 2d October, 1837, in notes 

from the Cashier of the Nashville Bank, 1,837 50 

From the Bank agent of Monroe county a note, 116 00 



$11,938 88 
He further states in his answer "that of these notes 

there yet remains uncollected," 6,655 21 

Leaving in his hands, 5,283 67 

Which he says he has not paid out for the use of the Acade- 
mies in pursuance of said act. 

The foregoing it is believed embraces all the enquiries submit- 
ted to the investigation of your Committee, and from the facts 
here stated, together with those heretofore submitted to the Gen- 
eral Assembly, every one must be impressed with the necessity 
of passing a law making the private use of public monies, placed 
in the hands of a public officer for safe keeping or disbursement, 
a penal offence. In the investigation which has been made, your 
Committee have found it necessary from the powers given them 
to send for witnesses and examine them; their testimony has all 
been reduced to writing and is herewith reported; they also re- 
port herewith a full account of the Suspended Debts due the Bank 
of the State of Tennessee, which to them and to the Superin- 
tendent is almost unintelligible — many of the individuals there 
reported as debtors will be found, on examination., to owe nothing, 
others to be insolvent or runaway: some of the debts are good, 
and no measures taken as yet to collect them; and to sum up the 
whole matter, it is utterly impossible, without a judicial investi- 
gation of each case, to state an account of the debts due an4 
owing to said Bank. 

All of which is respectfully submitted, 

H. YOAKUM, Chairman, } Senate 
JOHN E. WHEELER, \ Committee. 
A. JOHNSON, Chairman, ) „ 
BARKLEY MARTIN, \ ^ ^^''^ 
R. N. FARQUHARSON, ) ^^^^^«e«' 

January 7, 1840, 



